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After the Great ComplacenceFinancial Crisis and the Politics of Reform$
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Ewald Engelen, Ismail Ertürk, Julie Froud, Sukhdev Johal, Adam Leaver, Mick Moran, Adriana Nilsson, and Karel Williams

Print publication date: 2011

Print ISBN-13: 9780199589081

Published to Oxford Scholarship Online: January 2012

DOI: 10.1093/acprof:oso/9780199589081.001.0001

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Open and Shut? Democratic Opening vs Regulatory Closure After 2008

Open and Shut? Democratic Opening vs Regulatory Closure After 2008

Chapter:
(p.158) Chapter 6 Open and Shut? Democratic Opening vs Regulatory Closure After 2008
Source:
After the Great Complacence
Author(s):

Ewald Engelen

Ismail Ertürk

Julie Froud

Sukhdev Johal

Adam Leaver

Michael Moran

Adriana Nilsson

Karel Williams

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199589081.003.0007

This chapter addresses the question of how the impetus to reform in response to the banking crisis was lost. It argues that democratic reform failed because competing technocratic and political elite groups could not agree on what was to be done or how reform was to be turned into a politically actionable story for the public at large. At the same time, financial elites remained remarkably resilient and politically effective in defending the status quo and frustrating reform. While reform has so far been disappointing, the chapter also explores how the political processes in the United Kingdom and the United States that delivered non-reform were deeply unsettling. The crisis was a moment of danger (and opportunity) for all elite groups because it unsettled their established assumptions.

Keywords:   banking crisis, regulatory reform, failure of reform, elite opportunity, democratic reform, UK political elites

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